Idwal under new ownership
Cardiff, Wales, based vessel inspection specialist Idwal Marine Services has become a portfolio company of LDC, the private equity arm of the U.K.’s Lloyds Banking Group. With an extensive surveyor network, Idwal
private equity
TTB: What to do when the bottom falls out: Everything you hope you’ll never need to know about restructuring
In the past year, the tug and barge industry has seen one of its biggest names wind up in a bankruptcy case that’s been anything but a neatly prepackaged restructuring. Others have
Carlyle Group to be majority owner of new merged Vigor and MHI Ship Repair
The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management have reached announced a definitive agreement to acquire and merge Portland, Ore., headquartered Vigor Industrial LLC and Norfolk, Va., based
NASSCO launches first SEA-Vista ECO tanker
SEA-Vista is a partnership between SEACOR Holdings Inc. and private equity firm Avista Capital Partners. Its ships will be operated by SEACOR subsidiary Seabulk Tankers, Inc.
The Independence is a 610-foot, 50,000 deadweight-ton, and LNG-conversion-ready Jones Act product tanker with a 330,000 barrel cargo capacity. Construction on the ship began in November 2014.
As part of the ceremony, the ship’s sponsor, Mrs. Allison Moran, CEO of RaceTrac Petroleum, christened the ship with a traditional champagne bottle break over the ship’s hull. Mrs. Jayne Rathburn, former CEO/owner of US Joiner, pulled the trigger to release the ship into the San Diego Bay.
“General Dynamics NASSCO shipbuilders are revolutionizing the future of American shipping with the concept and construction of innovative, cost-saving, and environmentally-sound vessels,” said Kevin Graney, vice president and general manager for General Dynamics NASSCO. “When delivered, these ECO Class, Jones Act-qualified tankers will be among the most fuel-efficient and environmentally-friendly tankers anywhere in the world.”
“We are pleased to complete this important milestone for the first in a series of three fuel-efficient, ECO Jones Act product tankers that will be delivering into the SEA-Vista fleet and operated by Seabulk Tankers, Inc,” said Daniel J. Thorogood, president and chief operating officer for Seabulk Tankers, Inc.
For its commercial work, NASSCO partners with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME), for access to state-of-the-art ship design and shipbuilding technologies.
Genesis Energy buys Jones Act tanker
OCTOBER 24, 2014 — Houston headquartered Genesis Energy, L.P. (NYSE: GEL) reports that it has agreed to acquire for approximately $157 million the M/T American Phoenix from Mid Ocean Tanker Company (MOTC)
Shipping confidence dips a little
JUNE 30, 2014 — Overall confidence levels in the shipping industry fell slightly during the three-month period to May 2014 but remain at their second-highest level for the past six years. The
With private equity help, Odfjell exercises newbuild options
MAY 16, 2015 — Here’s another example of private equity investing in newbuilding opportunities. Norway’s Odfjell SE reports that it has entered into an agreement with affiliates of Breakwater Capital and Oak
Prestige Cruise Holdings files for IPO
JANUARY 22, 2014 — Prestige Cruise Holdings (PCH) has filed a form S-1 registration with the SEC. Prestige Cruise Holdings is the parent company of Oceania Cruises and Regent Seven Seas Cruises
Eletson on Blackstone-backed LPG newbuild binge
OCTOBER 23, 2013 — Piraeus headquartered Eletson Holdings Inc. has partnered with private equity giant Blackstone to create a $700 million LPG shipping company, Eletson Gas. Eletson will contribute its existing fleet
Navig8 in chemical tanker agreement with Oaktree
OCTOBER 10, 2013 — Is this another example of private equity going where bankers fear to tread? The Singapore headquartered Navig8 Group yesterday reported an agreement with private equity investor Oaktree Capital